Melton Mowbray 180 Day Notice Account

rushirush

I am interested in the account above, which pays 5.5% variable on savings.

If I deposit money into the account, and the BS reduces the interest rate the next day, my money would be stuck for 180 days. Is that just the risk I have to take?

I have asked the building society whether you get any notice ahead of the rates being reducing, but apparently you do not   notice, certainly not 180 days notice.

If it is the risk I have to take, what is the likelihood of that happening? I guess that's not an easy question to answer, but the building society said it wasn't likely. 

Thank you for any guidance.

Hoenir

Risk you take with any variable rate product. Bank Base Rate could change at any time. 

Descrabled

Read clause 24 of t&c.

Melton will give 14 days notice of any interest reduction. You then have 30 days to transfer money without loss of interest or need to give notice.

Always good to read the t&c.